CSAN Energy

Cosan S.A.

$2.75Unavailable

Price as of close on Sep 18, 2026 · Financials updated Nov 3, 2026

Basics

Sector: Energy
Industry: Oil & Gas Refining & Marketing
Country: Brazil
Market cap: 2.7B USD
Enterprise value: 12.5B USD

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: more debt relative to equity (12.11× vs a peer median of 0.47×)higher risk: more debt vs equity (12.11× vs peers 0.47×)
About average: growth

Ranks #245 of 363 energy companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense BRL 345M vs BRL 330M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Cosan recorded BRL 345M of stock-based pay expense and spent BRL 330M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Cosan recorded BRL 345M of stock-based pay expense and spent BRL 330M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Much more borrowing than peers. Debt is 12.1× equity vs a peer median of 0.5×.Debt is 12.1× equity vs peers 0.5×.
Debt is 12.1× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 12.1× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.
Investment surge. Capital spending 21% of revenue, up from 12% in 2022.
Cosan is spending 21% of revenue on facilities and equipment, up from 12% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Cosan looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

43/ 100

Oct 5 42 → Nov 4 43 (+1)

Valuation

Is the price right?

80/100

Strong

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-31.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · BRL→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351

EBITDA yield22.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · BRL→USD at the current rateReported value50% base weight · Z-score 1.90Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield31.8%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · BRL→USD converted · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 4.95Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield17.1%

SEC filings (IFRS mapped) · latest balance sheet · BRL→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

42/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

12-month revenue fell 8.0%

Why

Held back by:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth0.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 0.28Sector median: -0.0135 · MAD: 0.0807

Revenue growth-8.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.78Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

35/100

Weak▼ 1 since Sep 30 close

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 8.4 points to 25.9%

Why it changed since the Sep 30, 2026 close: Score 36 → 35

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin25.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.52Sector median: 0.1169 · MAD: 0.0936

Return on assets-7.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -3.85Sector median: 0.0444 · MAD: 0.0302

Return on invested capital19.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.58Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin32.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity-183.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.48

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.34Sector median: 0.5680 · MAD: 0.2415

Current ratio2.58×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 2.39Sector median: 1.3710 · MAD: 0.5060

Debt / equity12.11×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.81Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cosan

Is Cosan getting weaker?: Its latest SEC filing (Apr 10, 2026) was mixed: some things better, some worse: operating margin rose 8.4 points to 25.9%; 12-month revenue fell 8.0%. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Cosan valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 80/100 against 404 energy peers. Free cash flow yield 31.8% vs a peer median of 6.2% (stronger than 95% of peers).Free cash flow yield 31.8% vs peers 6.2% (stronger than 95% of peers). Earnings yield -31.4% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -31.4% vs peers 5.2% (weaker than 100% of peers).
Is Cosan growing?: At about the same pace as its peers. Growth scores 42/100 against 404 energy peers. Revenue growth -8.0% vs a peer median of 0.5% (weaker than 73% of peers).Revenue growth -8.0% vs peers 0.5% (weaker than 73% of peers).
How profitable is Cosan?: Less profitable than most of its peers. Profitability scores 35/100 against 404 energy peers. Return on invested capital 19.6% vs a peer median of 9.3% (stronger than 79% of peers).Return on invested capital 19.6% vs peers 9.3% (stronger than 79% of peers). Return on assets -7.2% vs a peer median of 4.4% (weaker than 94% of peers).Return on assets -7.2% vs peers 4.4% (weaker than 94% of peers).
How risky is Cosan?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 2.58× vs a peer median of 1.37× (stronger than 84% of peers).Current ratio 2.58× vs peers 1.37× (stronger than 84% of peers). Debt / equity 12.11× vs a peer median of 0.47× (weaker than 100% of peers).Debt / equity 12.11× vs peers 0.47× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 10, 2026 · compared with the year ended Dec 31, 2024

Mixed: some things better, some worse

Operating margin rose 8.4 points to 25.9%
12-month revenue fell 8.0%

	Previous year	Latest year	Change
Revenue (12 months)	44.0B BRL	40.4B BRL	−8.0%
Net income (12 months)	−9.4B BRL	−9.7B BRL	+3.2%
Operating margin	17.5%	25.9%	+8.4 pts
Debt	66.5B BRL	64.2B BRL	−3.4%
Cash	16.9B BRL	27.2B BRL	+61.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in BRL, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	22.3%	22.3%	27.7%	31.2%	32.6%	▲ 1.4 pts
Operating margin	15.7%	19.0%	27.8%	17.5%	25.9%	▲ 8.4 pts
Net margin	24.2%	3.0%	2.8%	-21.4%	-24.1%	▼ 2.6 pts
Return on assets (ROA)	6.5%	0.9%	0.8%	-6.7%	-7.2%	▼ 0.5 pts
Return on equity (ROE)	42.8%	5.7%	5.2%	-86.4%	-183.3%	▼ 97 pts
Current ratio	2.11×	1.62×	1.77×	1.72×	2.58×	▲ 50%
Quick ratio	2.02×	1.50×	1.66×	1.60×	2.45×	▲ 53%
Debt to equity	3.10×	2.57×	2.72×	6.09×	12.11×	▲ 99%
Interest coverage	1.62×	1.59×	0.97×	1.01×	1.17×	▲ 16%

CSAN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: more debt relative to equity (12.11× vs a peer median of 0.47×)higher risk: more debt vs equity (12.11× vs peers 0.47×)

About average: growth

Ranks #245 of 363 energy companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense BRL 345M vs BRL 330M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Cosan recorded BRL 345M of stock-based pay expense and spent BRL 330M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Cosan recorded BRL 345M of stock-based pay expense and spent BRL 330M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Much more borrowing than peers. Debt is 12.1× equity vs a peer median of 0.5×.Debt is 12.1× equity vs peers 0.5×.

Debt is 12.1× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 12.1× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.

Investment surge. Capital spending 21% of revenue, up from 12% in 2022.

Cosan is spending 21% of revenue on facilities and equipment, up from 12% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Cosan looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Cosan

Is Cosan getting weaker?

Its latest SEC filing (Apr 10, 2026) was mixed: some things better, some worse: operating margin rose 8.4 points to 25.9%; 12-month revenue fell 8.0%. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Cosan valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 80/100 against 404 energy peers. Free cash flow yield 31.8% vs a peer median of 6.2% (stronger than 95% of peers).Free cash flow yield 31.8% vs peers 6.2% (stronger than 95% of peers). Earnings yield -31.4% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -31.4% vs peers 5.2% (weaker than 100% of peers).

Is Cosan growing?

At about the same pace as its peers. Growth scores 42/100 against 404 energy peers. Revenue growth -8.0% vs a peer median of 0.5% (weaker than 73% of peers).Revenue growth -8.0% vs peers 0.5% (weaker than 73% of peers).

How profitable is Cosan?

Less profitable than most of its peers. Profitability scores 35/100 against 404 energy peers. Return on invested capital 19.6% vs a peer median of 9.3% (stronger than 79% of peers).Return on invested capital 19.6% vs peers 9.3% (stronger than 79% of peers). Return on assets -7.2% vs a peer median of 4.4% (weaker than 94% of peers).Return on assets -7.2% vs peers 4.4% (weaker than 94% of peers).

How risky is Cosan?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 2.58× vs a peer median of 1.37× (stronger than 84% of peers).Current ratio 2.58× vs peers 1.37× (stronger than 84% of peers). Debt / equity 12.11× vs a peer median of 0.47× (weaker than 100% of peers).Debt / equity 12.11× vs peers 0.47× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

44.0B BRL

40.4B BRL

−8.0%

Net income (12 months)

−9.4B BRL

−9.7B BRL

+3.2%

Operating margin

17.5%

25.9%

+8.4 pts

Debt

66.5B BRL

64.2B BRL

−3.4%

Cash

16.9B BRL

27.2B BRL

+61.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

22.3%

27.7%

31.2%

32.6%

▲ 1.4 pts

Operating margin

15.7%

19.0%

27.8%

17.5%

25.9%

▲ 8.4 pts

Net margin

24.2%

3.0%

2.8%

-21.4%

-24.1%

▼ 2.6 pts

Return on assets (ROA)

6.5%

0.9%

0.8%

-6.7%

-7.2%

▼ 0.5 pts

Return on equity (ROE)

42.8%

5.7%

5.2%

-86.4%

-183.3%

▼ 97 pts

Current ratio

2.11×

1.62×

1.77×

1.72×

2.58×

▲ 50%

Quick ratio

2.02×

1.50×

1.66×

1.60×

2.45×

▲ 53%

Debt to equity

3.10×

2.57×

2.72×

6.09×

12.11×

▲ 99%

Interest coverage

1.62×

1.59×

0.97×

1.01×

1.17×

▲ 16%